Resident Individual Age 26 yrs:-
Interest Income(Income From other Source) - Rs. 3,00,000
STCG(111A) - Rs. 80000
Total Income - Rs. 3,80,000
What is the total tax liability?
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Calculation of Income Tax
Replies (4)
380,000 - 250,000= 130,000×5%=6,500 plus 3% cess
if 111A stcg.. any special with it ?
Yes, since the STCG is u/s 111A, this will be taxable at 15% and interest income will be taxable at normal slab of 5%. Basic exemption will be adjusted against interest income. Tax liability will be 80,000×15%= 12,000 plus 50,000×5%=2,500 plus cess
but sir u before didn't said it. nn thnk for the informn
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